Ch. 10 Business Simulation Flashcards
The combination of internal and external factors that are designed to influence outcomes including suppliers, competitors, technology, and management
Business environment
An abstract analytical rendering of reality that is used as an educational tool for teaching business; often referred as business simulation
Business game
Describes what the organization expects to accomplish over a specific period of time; examples include increase profit margin, reduce waste, and improve customer service
Business goals
Describes the process for achieving the organization’s goals
Business model
A formal statement of the organization’s strategy to achieve its goals
Business plan
Describes future situations that could impact organization performance including both external opportunities and threats
Business scenario
A long-term plan of action designed to achieve the specific business goals, e.g., acquisition of a product line
Business strategy
Determining activities to be undertaken and achieved in a specified time scale
Goal setting
New ideas or improvements in product, service, and or process that can enhance the business model
Innovation
The process of identifying, assessing, and controlling threats to the organization including financial uncertainty, legal liabilities, strategic management errors, and natural disasters
Risk management
